Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Notes)

v2.4.0.6
Fair Value Measurement (Notes)
12 Months Ended
Dec. 31, 2011
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
Fair Value Measurements

This note contains required fair value disclosures for certain assets and liabilities measured at fair value on a recurring and non-recurring basis.

Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows:

Tier
 
Description
Level 1
 
Defined as observable inputs such as quoted prices in active markets
 
 
 
Level 2
 
Defined as inputs other than quoted prices in active markets that are either directly or indirectly observable
 
 
 
Level 3
 
Defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions

The estimated fair value of our debt, consisting of senior unsecured notes, exchangeable notes, unsecured term credit facilities and unsecured lines of credit, at December 31, 2011 and 2010 was $1.1 billion and $770.1 million, respectively, and its recorded value was $1.0 billion and $714.6 million, respectively. Fair values were determined, based on level 2 inputs, using discounted cash flow analysis with an interest rate or credit spread similar to that of current market borrowing arrangements.